GBPUSD is moving towards the upper boundary of a falling price channel on daily chart. As long as the channel resistance holds, the bounce from 1.4230 is treated as consolidation of downtrend from 1.7042 and another fall to 1.4000 is still possible after consolidation. Key resistance is located at 1.5522, above this level will indicate that the fall from 1.7042 has completed at 1.4230 already, then the following uptrend could bring price to 1.8000 area.
For long term analysis, GBPUSD might be forming a cycle bottom at 1.4230 level on weekly chart. Key resistance is at 1.5522, a break above this level is needed to confirm the cycle bottom.
